Riot Blockchain, Inc. (NASDAQ: RIOT) ("Riot”, “Riot Blockchain”
or the “Company"), a Nasdaq-listed industry leader in Bitcoin
(“BTC”) mining and hosting, announces its September production and
operations updates, including its unaudited Bitcoin production for
September 2021 and its miner shipping/deployment status.
Production and Operations Updates
- In September 2021, Riot produced 406 BTC, an increase of
approximately 346% over its September 2020 production of 91
BTC.
- Year to date through September 2021, the Company produced a
total of 2,457 BTC, an increase of approximately 236% over its BTC
production during the same 2020 period of 731 BTC.
- As of September 30, 2021, Riot held approximately 3,534 BTC,
all of which were produced by its self-mining operations.
- The Company currently has a deployed fleet of approximately
25,646 miners, with a hash rate capacity of 2.6 exahash per second
(“EH/s”).
Riot plans to continue providing monthly operational updates and
unaudited production results through the end of 2021. These updates
are intended to keep shareholders informed of the Company’s mining
and operations development as it continues to build additional
Bitcoin mining infrastructure.
Miner Deployment and Shipment Updates
As part of a purchase order with Bitmain Technologies Limited
(“Bitmain”), shipments of 2,000 S19J Pro Antminers were shipped in
late September to Riot’s Whinstone facility and are expected to be
deployed once received. By early November, Riot anticipates that it
will have a total of 27,646 Antminers deployed, utilizing
approximately 90 megawatts (“MW”) of energy, with an estimated hash
rate capacity of 2.8 EH/s. In early October 2021, another 4,000
S19J Pro Antminers are scheduled to be shipped from Bitmain’s
Malaysia factory. Global logistics issues are impacting some miner
shipment schedules, and while the Company’s impacts to date have
not been material, Riot remains in close communication with Bitmain
and logistics providers working to mitigate delays where
possible.
Infrastructure and Hash Rate Growth
The infrastructure development of Riot’s Whinstone Facility
continues on schedule with around the clock construction. As of
September 30, 2021, three 100 MW Power Transformer substations have
been installed with the fourth 100 MW Power Transformer substation
scheduled for installation during November 2021.
The overall Building D development is reported at 50% completion
and has 2,600 kVA transformers in the process of being installed.
Building F is not far behind with an estimated 25% of the
building’s structure erected and 40% of its underground
infrastructure and foundation now complete. Additionally, the
earthwork is now complete and underground infrastructure has begun
for Buildings E and G.
By Q4 2022, Riot anticipates a self-mining total hash rate
capacity of 7.7 EH/s, assuming full deployment of approximately
81,150 Antminers acquired from Bitmain. Of this mining fleet,
approximately 95% will be the latest generation S19 series model of
miners. Upon full deployment, the Company’s total self-mining
fleet is expected to utilize approximately 257 MW of energy, with
approximately 206 MW deployed at Riot’s Whinstone Facility and
approximately 51 MW currently deployed at Coinmint, LLC’s
facility. In addition to the Company’s self-mining
operations, Whinstone hosts approximately 200 MW of institutional
Bitcoin mining clients.
Human Resources
To effectively manage the positive expansion of Riot, the
company is pleased to announce the hiring of: Deputy General
Counsel, Alexander Travis, Director of Finance, Ghazaleh Barman,
Lead Software Developer, Joseph Brockhaus, I.T. Manager, Joseph
Caceres, Operations Controller, Lydia Roth, Operations Coordinator,
Jakob Arney, and H.R. Generalist, Rosendo Franco.
About Riot Blockchain, Inc.
Riot Blockchain (NASDAQ: RIOT) focuses on mining Bitcoin, and
through Whinstone, its subsidiary, hosting Bitcoin mining equipment
for institutional clients. The Company is expanding and
upgrading its mining operations through industrial-scale
infrastructure development and latest-generation miner procurement.
Riot is headquartered in Castle Rock, Colorado, and the
Whinstone Facility operates out of Rockdale, Texas. The Company
also has mining equipment operating in upstate New York under a
co-location hosting agreement with Coinmint, LLC. For more
information, visit www.RiotBlockchain.com.
Safe Harbor
Statements in this press release that are not historical facts
are forward-looking statements that reflect management’s current
expectations, assumptions and estimates of future performance and
economic conditions. Such statements are made in reliance on the
safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Because
such statements are subject to risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Words such as "anticipates,"
“believes,” "plans," "expects," "intends," "will," "potential,"
"hope" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements may
never materialize or may prove to be incorrect. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of
various risks and uncertainties. These forward-looking
statements may include, but are not limited to, statements about
the benefits of the acquisition of Whinstone, including financial
and operating results, and the Company’s plans, objectives,
expectations and intentions. Among the risks and
uncertainties that could cause actual results to differ from those
expressed in forward-looking statements, include, but are not
limited to: unaudited estimates of BTC production; our future hash
rate growth (EH/s); our expected schedule of new miner deliveries;
our ability to successfully deploy new miners; MW capacity under
development; the integration of the businesses of the Company
and Whinstone may not be successful, or such integration may take
longer or be more difficult, time-consuming or costly to accomplish
than anticipated; failure to otherwise realize anticipated
efficiencies and strategic and financial benefits from the
acquisition of Whinstone; and the impact of COVID-19 on us, our
customers, or on our suppliers in connection with our estimated
timelines. Detailed information regarding other factors that
may cause actual results to differ materially from those expressed
or implied by statements in this press release may be found in the
Company's filings with the U.S. Securities and Exchange Commission
(the “SEC”), including in the sections entitled "Risk Factors" and
“Cautionary Note Regarding Forward-Looking Statements” of the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, and our other filings with the SEC, including,
but not limited to the additional risk factors set forth in the
Company’s Current Report on Form 8-K filed with the SEC on May 26,
2021, copies of which may be obtained from the SEC's website
at www.sec.gov. All forward-looking statements included
in this press release are made only as of the date of this press
release, and the Company disclaims any intention or obligation to
update or revise any forward-looking statements to reflect events
or circumstances that subsequently occur, or of which the Company
hereafter becomes aware, except as required by law. Persons reading
this press release are cautioned not to place undue reliance on
forward-looking statements.
- Riot's Whinstone Facility
- Hash Rate Capacity Growth Chart
Phil McPherson
Riot Blockchain, Inc.
303-794-2000 ext. 110
IR@riotblockchain.com
Trystine Payfer
Riot Blockchain, Inc.
303-794-2000 ext. 118
PR@riotblockchain.com
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